The startup that attempted to bring Elon Musk’s futuristic hyperloop dream to life is shutting down

by | 3. January 2024

Hyperloop One, the startup that sought to build the futuristic hyperloop transit system championed by Elon Musk, is shutting down, Bloomberg reported.

The transport company is laying off most of its employees and selling its remaining assets, including a 1,500-foot-long test “loop” in the Nevada desert, anonymous sources cited by Bloomberg said.

Hyperloop One had raised more than $450 million, PitchBook previously reported. The money would have gone towards its goal of building a network of vacuum tubes that used air pressure to propel pods carrying passengers and cargo to their destination at speeds of up to 760 miles an hour.

Hyperloop One executives told The Verge in 2017 that they expected “working hyperloops around the world” by 2020.

However, the startup has run into financial difficulties and pivoted away from passenger travel over the past few years. It will reportedly close its Los Angeles offices and shut down for good by the end of the year.

It’s a blow for advocates of Hyperloop technology, of which Elon Musk is by far the most famous.

The Tesla CEO presented the idea of a Hyperloop in an “alpha paper.” He previously described it as a cross between “a Concorde and a railgun and an air hockey table,” and suggested it could allow commuters to travel between Los Angeles and San Francisco in 30 minutes.

Musk set up the Boring Company to explore alternatives to public transport methods, although the tunneling firm has scaled back its ambitions in recent years.

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